Mr. Nowak has contributed $111.00 at the end of each six months into an RRSP paying 3% per annum compounded quarterly.How much will Mr. Nowak have in the RRSP after 20 years?(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)How much of the above amount is interest?(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Future Value: Future value is the value of an asset now based on an anticipated growth rate in the…

Answered: Mr. Nowak has contributed $111.00 at…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Mark Harris must decide how to invest $20,000 that he just inherited. What would be the future value of his investment after 7 years under each of the following three investment opportunities? (If you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answer to the nearest penny.)a. 6.48 percent compounded quarterly. Value of investment after 7 years $ b. 6.00 percent compounded monthly. Value of investment after 7 years $ c. 6.23 percent compounded continuously. Value of investment after 7 years $
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Harlan made equal payments at the end of each month into his RRSP. if interest in his account is 5.8% compounded quarterly, and the balance after ten years is $14,500 what’s is the size of the monthly payment? Please don't answer in handwritten..thanku
Rex Corporation accepted a $7,000, 4%, 120-day note dated August 8 from Regis Company in settlement of a past bill. On October 11, Rex discounted the note at Park Bank at 5%. (Use Days in a year table.) a. What is the note's maturity value? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent. Maturity value b. What is the discount period? Discount period days c. What is the bank discount? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent. Bank discount C
If $650 000 is saved for retirement, what rate of interest, compounded monthly, will provide payments of $3750 every month for the next 25 years? Select one: O a. 14.606797% O b. 0.811327% O c. 4.888702% O d. 4.867963%
A family takes a $275,000 20 year mortage at 3.50% annually compounded monthly. a. Compute their monthly payments. o. Immediately after the 121st payment, this family receives a $55,000 from an inheritance. They decide to put this entire amount against the amount they owe. Given that the bank expects them to maintain the same monthly payments as in 4a, compute the length of time (months) it will take to pay the laon off. The same family above realizes that the inheritance income will not materialize (so they are back to 4a). Instead, immediately after their 121st payment they decide to re- fianance at the lower rate of 15% per year compounded monthly. They decide to stick with the same number of remaing monthly payments. What will be their new monthly payment? please draw the cash flow diagrams, and show all calculations!!!!
Mr. Glen Secundo won a lottery paying P1,400,000 at the beginning of each year for 15 years. Find the amount must set aside today to satisfy this annuity at 13% compounded annually.
Mr. Merkel has contributed $196.00 at the end of each year into an RRSP paying 5% per annum compounded Question content area bottom Part 1 How much will Mr. have in the RRSP after 18 years? $ enter your response here (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) Part 2 How much of the above amount is interest? $ enter your response here (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Paul intends to retire in 15 years and would like to receive $1,500 every month for 20 years, starting at the end of the first month in which he retires. How much must he have at the beginning of retirement if interest is 5% compounded annually? Select one: a. $191,834.03 b. $229,415.16 c. $228,235.00 d. $227,287.97 e. $230,349.83
Mr. Deneau accumulated $98000 in an RRSP. He converted the RRSP into a RRIF and started to withdraw $5400 at the end of every three months from the fund. If interest is 4.1% compounded annually, for how long can Mr. Deneau make withdrawals? State your answer in years and months (from 0 to 11 months).
A couple is planning to finance its three-year-old son's university education. Money can be deposited at 9% compounded quarterly. What quarterly deposit must be made from the son's 3rd birthday to his 18th birthday to provide $10000 on each birthday from the 18th to the 21st? (Note that the first deposit is made three months after the 3rd birthday and the last deposit is made on the date of the first withdrawal.) (keep 2 decimal places) Answer:
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